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(AMM) Aleris' Ch. 11 exit plan hits PBGC roadblock

March 09, 2010 - 18:35 GMT Location: NEW YORK

KEYWORDS: Aleris , PBGC , bankruptcy

Aleris International Inc. ignores significant regulatory hurdles in its plan for exiting bankruptcy court protection, according to the federal Pension Benefit Guaranty Corp. (PBGC).

Aleris wrongly takes for granted that it will be allowed to combine $91.2 million in unsecured pension obligations into a single pot for some cents-on-the-dollar settlement, the PBGC said in a court filing.

The agency cautioned that it expects to examine whether some of the four pension plans were attached to healthier segments of Aleris than the others. If so, uniform treatment of all Aleris pension plans might be vetoed. The parts of Aleris that were only...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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